Facebook logo
Facebook logo
Facebook logo
Facebook logo

Latest Headlines

Asset Servicing Times home | Alfi reveals how to service Islamic funds in Luxembourg ← You are here

[close]
Latest News
Brexit: Financial services regulation will remain
24 June 2016 | London
UK financial institutions must continue to abide by EU regulations in the wake of ‘Brexit’, while regulations such as Solvency II are likely to remain in place... Read more

Asset servicing industry reacts to Brexit
24 June 2016 | London
Financial services firms and asset managers have reacted to the UK’s vote to exit the European Union with predictions of market volatility, but a generally positive long-term outlook... Read more

For more news visit our news section

Upcoming events
NeMa 2016 - Network Management
Date: 14-16 June 2016
Location: Dubrovnik, Croatia
Find out more

GAIM 2016
Date: 20-22 June, 2016
Location: Amsterdam
Find out more

For more events visit our event section
Industry recruitment
Derivative Client Service Specialist
Recruiter: cerFinancial
Location: London
Find out more

Head of Portfolio Risk
Recruiter: cerFinancial
Location: Edinburgh Scotland
Find out more

For more jobs visit our recruitment section
Asset Servicing Times
View the latest issues online now

Sister publications
Securities Lending Times
www.securitieslendingtimes.com

Captive Insurance Times
www.captiveinsurancetimes.com

Real Estate Investment Times
www.realestateinvestmenttimes.com

Media pack [download]
Ad specs [download]
Latest features
Research and rescue
Feature: New unbundling rules for research fees are rolling in with MiFID II, and if asset managers aren’t wary of them, they could meet unexpected danger Read more

Central and Eastern Europe
Country profile: No nation is an island, and the Polish CSD has post-trade services to cater to all of Central and Eastern Europe, says KDPW’s Iwona Sroka Read more

Juliette Kennel :: SWIFT
Interview: In a world moving faster than ever, real-time payments are a reality. But banks must collaborate to make the system work, says Juliette Kennel of SWIFT Read more

For more features visit our features section
Latest news
More news
Asset Servicing Times image
Alfi reveals how to service Islamic funds in Luxembourg
11 December 2012 | Luxembourg | Reporter: Georgina Lavers
The Association of the Luxembourg Fund Industry (ALFI) published a collection of best practices for setting-up and servicing Islamic funds to provide a greater level of understanding of a growing market sector.

Marc Saluzzi, chairman of ALFI, said: “2012 has been a very active year for the Luxembourg Islamic finance community with several new Shariah-compliant funds launched. Luxembourg currently ranks No. 5 worldwide and first in Europe in the number of Shariah-compliant domiciled funds, at 41 funds with €4 billion in assets under management."

The best practices also give a high level indication of whether Islamic finance instruments are compatible with Luxembourg UCITS laws. A number of Shariah-compliant funds have adopted the UCITS structure, given the focus on investor protection of UCITS funds and the fact that UCITS funds have rigorous investment policies that accommodate the principles underlying Islamic finance.

Saluzzi continued: “Setting-up a Shariah-compliant UCITS fund in Luxembourg, opens the doors of the more than 70 countries around the world in which Luxembourg UCITS funds are currently distributed."

“There are also a number of Shariah-compliant private equity and real estate structures established in Luxembourg and the European distribution passport created by the AIFM Directive will offer new opportunities for these products.”

In January 2010, the Luxembourg direct tax authority published a circular on Islamic finance, clarifying the tax treatment of murabaha contracts and sukuk transactions. This was followed, in June 2010, by a circular from the indirect tax authority clarifying the treatment of murabaha and ijara contracts.



Brexit: Financial services regulation will remain
UK financial institutions must continue to abide by EU regulations in the wake of ‘Brexit’, whil Read more

Asset servicing industry reacts to Brexit
Financial services firms and asset managers have reacted to the UK’s vote to exit the European Uni Read more

Carney: UK financial system strong enough for Brexit
The Governor of the Bank of England has reacted to the UK vote to leave the EU, saying that there wi Read more

Interactive Data exec joins SS&C
SS&C Technologies has appointed Will Entwistle as senior vice president of institutional and investm Read more

SIX network issues resolved
The SIX network service is back up and running smoothly after it's payments segment was experiencing Read more

Asset Servicing Times site map
Home
Home

Sitemap

Issue archive
Back issues online
Recruitment
Recruitment
Events and Training
Upcoming events

Upcoming training

Company info
About us

Contact us


Copyright (C) 2013 Black Knight Media Ltd. All rights reserved. No reproduction without prior authorization
[close]
Never miss an issue again
Subscribe to Asset Servicing Times - Get it delivered straight to your inbox
We need to know you are not a ROBOT. Please type HUMAN in the box below and continue to fill in the rest of the form